Budgeting
What is Budgeting ?
A) Ignoring income and expenses
B) Spending all your money without a plan
C) Keeping track of what you spend and what you save
D) managing your money when it only comes to your wants
C) Keeping track of what you spend and what you save
Which of the following is a common feature of a checking account?
A) High interest rates on deposits
B) Access to a debit card for purchases
C) Penalties for frequent withdrawals
D) Limited ability to write checks
B) Access to a debit card for purchases
What is a key benefit of investing in a diversified portfolio?
A) Guaranteed high returns
B) Reduced risk through asset allocation
C) Elimination of all financial risks
D) Avoiding the need for professional advice
B) Reduced risk through asset allocation
Which of the following is typically deducted from an employee's paycheck?
A) Social Security tax
B) Housing allowance
C) Vacation time
D) Bonus payment
A) Social Security tax
What does the "Animations" feature in Canva allow you to do?
A) Change the background color
B) Add movement and effects to your design elements
C) Add music to your design
D) Insert images
B) Add movement and effects to your design elements
What is the primary purpose of creating a personal budget?
A) To track your income and expenses for better financial management
B) To avoid spending money on unnecessary items
C) To compare your spending habits to others
D) To ensure all your income is spend each month
A) To track your income and expenses for better financial management
What is typically required to open a checking account?
A) A credit score check
B) A loan approval
C) A minimum deposit of $10,000
D) Proof of identity and address
D) Proof of identity and address
Which of the following is an example of a long-term investment?
A) Day trading stocks
B) A savings account
C) Buying and holding mutual funds
D) Using a credit card to purchase assets
C) Buying and holding mutual funds
Which of the following is usually listed on a paycheck stub?
A) Employee's credit score
B) Gross pay and net pay
C) Employee's vacation balance
D) Social Security number
B) Gross pay and net pay
How can you access additional design templates in Canva?
A) By adding a heading
B) By searching in apps
C) By exploring the template library within Canva
D) By searching your projects
C) By exploring the template library within Canva
Which of the following is an example of a fixed expense in a budget?
A) Utility bills that vary by usage
B) Grocery shopping
C) Entertainment costs
D) Monthly rent payment
D) Monthly rent payment
Which of the following is a common way to avoid monthly fees on a checking account?
A) Making a certain number of credit card purchases
B) Maintaining a minimum balance
C) Paying an annual membership fee
D) Using checks exclusively
B) Maintaining a minimum balance
Which of the following is a primary goal of investing?
A) To quickly pay off debt
B) To grow wealth over time
C) To avoid paying taxes
D) To maintain a fixed income
B) To grow wealth over time
Which of the following best describes net pay on a paycheck?
A) The total amount earned before any deductions
B) The amount of money deducted for taxes
C) The amount the employee takes home after deductions
D) The employer's contribution to benefits
C) The amount the employee takes home after deductions
What is the purpose of the "Brand Kit" feature in Canva?
A) To create a logo
B) To customize your design with specific colors, fonts, and logos
C) To share your information with friends
D) To identify your school group
B) To customize your design with specific colors, fonts, and logos
Which of the statements about budgeting is true?
A) Emergency funds should be included in a budget to cover unexpected expenses and fees.
B) A budget should remain the same every month, regardless of the changes in income or expenses.
C) Fixed expenses are the only category you need to track in a budget.
D) Discretionary spending should always be prioritized over savings in a budget
A) Emergency funds should be included in a budget to cover unexpected expenses and fees.
What is one advantage of using online banking with a checking account?
A) Higher interest rates on savings
B) No need to provide identification
C) Fewer transaction limits compared to in-person banking
D) The ability to access your account 24/7
D) The ability to access your account 24/7
Which of the following is a type of investment that represents ownership in a company?
A) Bonds
B) Real estate
C) Stocks
D) Certificates of deposit
C) Stocks
What is the purpose of a W-2 form in relation to paychecks?
A) It tracks the employee's hours worked
B) It reports the total earnings and taxes withheld for the year
C) It lists the employee's benefits and deductions
D) It shows the amount of overtime worked
B) It reports the total earnings and taxes withheld for the year
How can you duplicate elements in your Canva design?
A) By saving it as a project
B) By saying a secret password
C) By selecting the duplicate (+) option
D) By unlocking the image
C) By selecting the duplicate (+) option
Why is it important to distinguish between needs and wants when creating a budget?
A) To ensure you only spend money on luxury items
B) To increase the amount you can borrow from a bank
C) To eliminate all discretionary
D) To prioritize essential expenses over non essential ones
D) To prioritize essential expenses over non essential ones
Which of the following transactions can typically be done with a checking account?
A) Paying bills online
B) Investing in stocks directly
C) Earning high-interest returns
D) Applying for a mortgage
A) Paying bills online
Which of the following is a characteristic of a bond?
A) It represents ownership in a company
B) It is a loan made to a corporation or government
C) It has no fixed maturity date
D) It typically offers higher returns than stocks
B) It is a loan made to a corporation or government
Which of the following is typically included in the deductions from an employee's paycheck?
A) Federal income
B) Employee's personal savings
C) Company's annual profit
D) Employee's vacation days
A) Federal income
What is the benefit of using the "Grids" feature in Canva?
A) It helps you select appropriate images
B) It allows you to create puzzles and crosswords
C) It helps you align your design elements
D) It helps you insert fonts correctly
C) It helps you align your design elements